GMR Infra suffers loss of Rs 561 crore loss in Q3 FY19

Mumbai: GMR Infrastructure Limited has reported a loss of Rs 561.04 crore for the quarter ending December 31 as compared to Rs 578.4 crore loss in the same quarter in financial year 2017-18.

Total income during the quarter stood at Rs 2,119.87 crore, down from Rs 2,276.78 crore in Q3 of FY18.

“The group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth and lower credit ratings for some of its borrowings,” GMR informed the stock exchanges late on Thursday.

GMR manages international airports in New Delhi and Hyderabad and is in the process of constructing one in Goa.

The airports business generated Rs 1,358.38 crore of revenues from October to December 2017-18 while the power segment revenues stood at Rs 145.74 crore down from Rs 430.54 crore in Q3 FY18.

“The management is taking various initiatives including monetization of assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt servicing in the next 12 months and to create sustainable cash flows,’ GMR said.